The on-demand market and workforce is growing at an exponential rate, and is here to stay for the long haul. In a mere 3 years, it is predicted that the new generation entering the workforce will make up half of what drives the economy. Half! Having been surrounded by rapidly changing technology for the majority of their lives, millennials are now actively introducing it into the workforce. While experiencing some push back from existing industries as they contradict the well-established existing norms, many industries have accepted and are welcoming of new revolutionary technologies. So what will thrive in the new age? The answer is the on-demand market.
In the new day and age, opportunities for increased flexibility are rising and the traditional 9-to-5 workday has begun to fade. Companies that have blended problem-solving with convenience and technology are beginning to take hold of and shape the market place. Do you need a ride to downtown but live in an area with no taxi services? Now you can UBER it. Do you need to buy books for your job or upcoming semester? Or maybe dinner for the next three days? Amazon has the solution. Looking to sell your old sports equipment? eBay can help you. The list goes on and on.
Not only will millennials make up half of the workforce by the year 2020, they already constitute 50% of the on-demand market. With this 50% of on-demand consumers predicted to make up half of the workforce in just three years, the industry is in a position for significant growth. And in regards to the other 50%? According to Harvard Business Review, 46% of on-demand consumers have an annual household income of less than $50,000 while 22% have an annual household income of $100,000 or more. Furthermore, while Millennials are half of the age diversity, the remaining half is split roughly equally. People aged 35 to 54 make up 29% of the market, while people aged 55 and older make up the remaining 22% (hbr.org).
While big name companies like Uber, Amazon, and eBay have been forging the path for the on-demand market, many smaller tech startups have begun add themselves to the mix. With one of the fastest growing industries today, a variety of different models are being constructed to support your every need. In an increasingly competitive marketplace it will be exciting to see which small companies will come out on top, and which tech giants may fail to keep up with a quickly changing world.
Who will become the industry leaders? Only time will tell.
Bell, Charles ColbyKelly. “The On-Demand Economy Is Growing, and Not Just for the Young and Wealthy.” Harvard Business Review. N.p., 24 Apr. 2017. Web. 24 July 2017.
“Reshaping the Workplace.”, PWC, www.pwc.com/gx/en/managing-tomorrows-people/future-of-work/assets/reshaping-the-workplace.pdf. Accessed 24 July 2017.
